Causeway Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Causeway Capital Management LLC reported 107 stock positions worth $8.1 billion. Its top holding was Astrazeneca (AZN) at 17.7% of the portfolio, followed by Carnival (CCL, 11.8%) and Deutsche Bank AG-Registered (DB, 8.9%). Compared with Q4 2025, it opened 12 new positions, sold out of 13, added to 43 and reduced 46. The biggest buy was Astrazeneca (AZN, shares +1368%) and the biggest sale Canadian Pacific Kansas City (CP, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001165797
- Portfolio Value
- $8.1B (Q1 2026)
- SEC Filing
- 0000945621-26-000700 ↗ filed May 14, 2026
Holdings Value
Holdings 107 stocks · $8.1B
| AZN Astrazeneca PLC | 17.66% | 7,421,749 | $1.4B | Add +1368.3% |
| CCL Carnival Corp. | 11.79% | 37,096,593 | $960.1M | Add +9.3% |
| DB Deutsche Bank AG-Registered | 8.88% | 24,962,034 | $723.3M | Add +75.9% |
| CP Canadian Pacific Kansas City | 8.47% | 8,792,381 | $689.9M | Reduce -30.2% |
| SW Smurfit Westrock PLC | 7.61% | 15,566,028 | $620.3M | Reduce -18.6% |
| TSM Taiwan Semiconductor-SP ADR | 2.11% | 508,471 | $171.8M | Reduce -0.6% |
| BABA Alibaba Group Holding-SP ADR | 1.65% | 1,068,890 | $134.1M | Reduce -11.2% |
| CARR Carrier Global Corp. | 1.45% | 2,102,878 | $118.4M | Add +13.7% |
| MRK Merck & Co. Inc. | 1.26% | 854,212 | $102.8M | Reduce -18.2% |
| GOOG Alphabet Inc. Class C | 1.19% | 337,298 | $96.8M | Reduce -8.8% |
| CTSH Cognizant Tech Solutions-A | 1.13% | 1,504,253 | $92.3M | Reduce -3.1% |
| ALK Alaska Air Group Inc. | 1.13% | 2,502,211 | $92.0M | Add +74.4% |
| AU Anglogold Ashanti PLC | 1.06% | 898,816 | $86.2M | Add +107.0% |
| BCS Barclays PLC-Spons ADR | 1.06% | 4,074,067 | $86.2M | Add +8.6% |
| BAP Credicorp Ltd. | 1.02% | 245,113 | $83.1M | Add +1.3% |
| META Meta Platforms Inc. Class A | 1.02% | 144,799 | $82.8M | Add +31.2% |
| AXS Axis Capital Holdings Ltd. | 1.02% | 815,794 | $82.7M | Add +13.1% |
| EG Everest Group Ltd. | 1.00% | 250,008 | $81.7M | Add +4.8% |
| LYV Live Nation Entertainment Inc. | 0.99% | 526,418 | $80.3M | Add +17.7% |
| SAP Sap SE-Sponsored ADR | 0.96% | 456,005 | $78.1M | Add +81.9% |
| RELX Relx PLC - Spon ADR | 0.94% | 2,306,409 | $76.5M | Add +93.9% |
| GFI Gold Fields Ltd.-Spons ADR | 0.91% | 1,634,170 | $74.2M | Add +0.8% |
| ZBH Zimmer Biomet Holdings Inc. | 0.90% | 808,110 | $73.1M | Add +10.9% |
| G Genpact Ltd. | 0.89% | 1,948,677 | $72.6M | Reduce -6.5% |
| C Citigroup Inc. | 0.88% | 634,931 | $72.0M | Reduce -9.0% |
| PHG Koninklijke Philips NVR- NY | 0.83% | 2,456,190 | $67.3M | Add +11.7% |
| BAH Booz Allen Hamilton Holdings | 0.82% | 857,462 | $66.9M | Add +116.3% |
| WHR Whirlpool Corp. | 0.80% | 1,201,993 | $64.8M | Add +57.9% |
| ADI Analog Devices Inc. | 0.79% | 201,819 | $64.2M | Reduce -23.3% |
| CFG Citizens Financial Group | 0.77% | 1,048,526 | $62.9M | Add +3.4% |
| BA The Boeing Co. | 0.77% | 313,926 | $62.5M | Add +106.6% |
| JLL Jones Lang Lasalle Inc. | 0.70% | 186,274 | $56.7M | Add +213.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.66% | 559,882 | $54.0M | Add +2.5% |
| PFE Pfizer Inc. | 0.66% | 1,914,219 | $53.8M | Reduce -8.5% |
| BIIB Biogen Inc. | 0.63% | 280,783 | $51.5M | Reduce -46.1% |
| SNY Sanofi-ADR | 0.63% | 1,064,516 | $51.3M | Add +0.1% |
| IR Ingersoll-Rand Inc. | 0.62% | 626,062 | $50.2M | Add +4.9% |
| DEO Diageo PLC-Sponsored ADR | 0.61% | 666,314 | $49.6M | Add +37.3% |
| APTV Aptiv PLC | 0.58% | 683,463 | $47.5M | Add +2.2% |
| VEA Vanguard Ftse Developed ETF | 0.58% | 736,637 | $47.2M | Add +74.8% |
| DTE DTE Energy Company | 0.58% | 322,015 | $47.1M | New |
| BP BP PLC-Spons ADR | 0.58% | 997,934 | $46.9M | Reduce -39.2% |
| NGG National Grid PLC-SP ADR | 0.56% | 538,761 | $45.6M | Reduce -24.1% |
| NWG Natwest Group PLC -Spon ADR | 0.55% | 2,988,309 | $44.5M | Add +88.3% |
| JOYY Joyy Inc.-ADR | 0.54% | 750,751 | $43.8M | Reduce -7.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.53% | 1,174,213 | $43.2M | Add +18.1% |
| PAGS Pagseguro Digital Ltd. Class A | 0.50% | 4,044,350 | $40.5M | Reduce -0.0% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.49% | 580,131 | $40.2M | Reduce -17.3% |
| ING ING Groep N.V.-Sponsored ADR | 0.49% | 1,537,748 | $40.1M | Add +56.6% |
| TXN Texas Instruments Inc. | 0.49% | 206,214 | $40.0M | New |
| TAL Tal Education Group- ADR filed as TAL ED GROUP | 0.49% | 3,478,417 | $39.5M | New |
| PUK Prudential PLC-ADR | 0.46% | 1,321,151 | $37.6M | Reduce -12.4% |
| SNN Smith & Nephew PLC -Spon ADR | 0.37% | 953,146 | $30.3M | Add +57.9% |
| BTI British American Tob-SP ADR | 0.36% | 500,864 | $29.3M | Add +3.7% |
| SMIN iShares MSCI India Small-Cap | 0.35% | 471,654 | $28.3M | Add +2.8% |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.34% | 1,495,664 | $28.0M | New |
| INFY Infosys Ltd.-SP ADR | 0.31% | 1,896,488 | $25.6M | Reduce -23.6% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.31% | 1,267,248 | $25.0M | Add +7.6% |
| GGB Gerdau SA -Spon ADR | 0.30% | 6,841,155 | $24.7M | Reduce -5.8% |
| PDD PDD Holdings Inc. | 0.30% | 237,010 | $24.2M | Reduce -36.2% |
| ZIM Zim Integrated Shipping Serv | 0.29% | 889,550 | $23.4M | Reduce -26.7% |
| WB Weibo Corp.-Spon ADR | 0.29% | 2,666,202 | $23.3M | Reduce -10.9% |
| CGAU Centerra Gold Inc. | 0.27% | 1,245,027 | $22.1M | Reduce -0.4% |
| INDA iShares MSCI India ETF | 0.26% | 459,200 | $21.5M | Add +18.9% |
| BXP BXP Inc. | 0.24% | 380,761 | $19.8M | Add +40.0% |
| UNH Unitedhealth Group Inc. | 0.24% | 71,864 | $19.4M | New |
| VIST Vista Energy Sab DE CV | 0.20% | 220,918 | $16.7M | New |
| TIGO Millicom Intl Cellular S.A. | 0.19% | 208,718 | $15.6M | Reduce -3.4% |
| SHG Shinhan Financial Group-ADR | 0.19% | 253,576 | $15.5M | Reduce -56.3% |
| VSS Vanguard Ftse All Wo X-US SC | 0.19% | 103,581 | $15.1M | Add +42.0% |
| MT Arcelormittal-NY Registered | 0.17% | 265,697 | $13.8M | Reduce -31.0% |
| FSM Fortuna Mining Corp. | 0.15% | 1,251,045 | $12.4M | Add +44.9% |
| IBN Icici Bank Ltd.-Spon ADR | 0.14% | 450,887 | $11.7M | Reduce -5.5% |
| FINV Finvolution Group-ADR | 0.14% | 2,401,084 | $11.5M | Reduce -13.1% |
| HDB HDFC Bank Ltd.-ADR | 0.12% | 399,171 | $9.9M | Reduce -5.5% |
| CIB Grupo Cibest SA-ADR | 0.12% | 132,364 | $9.6M | New |
| CLS Celestica Inc. | 0.09% | 24,809 | $7.0M | Reduce -66.2% |
| TME Tencent Music Entertainm-ADR | 0.07% | 612,900 | $5.7M | Reduce -63.7% |
| QFIN Qfin Holdings Inc.-ADR | 0.05% | 330,288 | $4.3M | Reduce -74.7% |
| EFA iShares MSCI Eafe ETF | 0.04% | 37,761 | $3.7M | Reduce -54.5% |
| EWT iShares MSCI Taiwan ETF | 0.03% | 37,151 | $2.6M | Reduce -80.5% |
| MMYT Makemytrip Ltd. | 0.03% | 64,544 | $2.4M | Reduce -5.3% |
| ACWI iShares MSCI Acwi ETF | 0.03% | 15,421 | $2.1M | Add +41.0% |
| KSA Ishrs MSCI Saudi Arabia ETF | 0.03% | 52,898 | $2.1M | New |
| EFXT Enerflex Ltd. | 0.01% | 52,946 | $1.1M | Reduce -27.9% |
| ITRN Ituran Location and Control | 0.01% | 20,439 | $1.0M | No change |
| INMD Inmode Ltd. | 0.01% | 71,829 | $983K | No change |
| WIT Wipro Ltd.-ADR | 0.01% | 443,164 | $940K | Reduce -6.4% |
| NVDA Nvidia Corp. | 0.01% | 3,589 | $626K | Reduce -4.5% |
| GSK GSK PLC-Spon ADR | 0.01% | 11,110 | $613K | Reduce -67.2% |
| SCZ iShares MSCI Eafe Small-Cap | 0.01% | 7,100 | $557K | New |
| VEU Vanguard Ftse All-World Ex-U | 0.01% | 6,191 | $465K | Reduce -57.3% |
| BTG B2GOLD Corp. | 0.01% | 94,491 | $428K | No change |
| HAFN Hafnia Ltd. | 0.01% | 54,367 | $416K | New |
| VWO Vanguard Ftse Emerging Marke | 0.01% | 7,469 | $404K | Reduce -87.7% |
| JBS JBS NV-A | 0.00% | 20,994 | $377K | No change |
| PDS Precision Drilling Corp. | 0.00% | 3,291 | $323K | No change |
| B Barrick Mining Corp. | 0.00% | 7,736 | $316K | Reduce -99.9% |
| RNR Renaissancere Holdings Ltd. | 0.00% | 994 | $295K | Add +39.6% |
| MSFT Microsoft Corp. | 0.00% | 772 | $286K | Reduce -20.0% |
Portfolio Sells Q4 2025 → Q1 2026
| CP Canadian Pacific Kansas City | Reduce -30.2% | 8.47% | −4.31 |
| B Barrick Mining Corp. | Reduce -99.9% | 0.00% | −3.64 |
| SW Smurfit Westrock PLC | Reduce -18.6% | 7.61% | −2.56 |
| GPK Graphic Packaging Holding Co. | Sold out | 0.00% | −0.94 |
| BABA Alibaba Group Holding-SP ADR | Reduce -11.2% | 1.65% | −0.78 |
| CTSH Cognizant Tech Solutions-A | Reduce -3.1% | 1.13% | −0.64 |
| BIIB Biogen Inc. | Reduce -46.1% | 0.63% | −0.63 |
| G Genpact Ltd. | Reduce -6.5% | 0.89% | −0.45 |
| GOOG Alphabet Inc. Class C | Reduce -8.8% | 1.19% | −0.41 |
| ALLY Ally Financial Inc. | Sold out | 0.00% | −0.37 |
| TME Tencent Music Entertainm-ADR | Reduce -63.7% | 0.07% | −0.34 |
| INFY Infosys Ltd.-SP ADR | Reduce -23.6% | 0.31% | −0.29 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -74.7% | 0.05% | −0.29 |
| PDD PDD Holdings Inc. | Reduce -36.2% | 0.30% | −0.28 |
| VIPS Vipshop Holdings Ltd. - ADR | Sold out | 0.00% | −0.27 |
| MRK Merck & Co. Inc. | Reduce -18.2% | 1.26% | −0.25 |
| SHG Shinhan Financial Group-ADR | Reduce -56.3% | 0.19% | −0.24 |
| C Citigroup Inc. | Reduce -9.0% | 0.88% | −0.24 |
| CLS Celestica Inc. | Reduce -66.2% | 0.09% | −0.21 |
| BP BP PLC-Spons ADR | Reduce -39.2% | 0.58% | −0.21 |
| NGG National Grid PLC-SP ADR | Reduce -24.1% | 0.56% | −0.20 |
| ADI Analog Devices Inc. | Reduce -23.3% | 0.79% | −0.19 |
| JOYY Joyy Inc.-ADR | Reduce -7.6% | 0.54% | −0.19 |
| PUK Prudential PLC-ADR | Reduce -12.4% | 0.46% | −0.18 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.16 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.15 |
| WB Weibo Corp.-Spon ADR | Reduce -10.9% | 0.29% | −0.13 |
| EWT iShares MSCI Taiwan ETF | Reduce -80.5% | 0.03% | −0.13 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -17.3% | 0.49% | −0.12 |
| HDB HDFC Bank Ltd.-ADR | Reduce -5.5% | 0.12% | −0.09 |
| MOMO Hello Group Inc. -SPN ADR | Sold out | 0.00% | −0.08 |
| MT Arcelormittal-NY Registered | Reduce -31.0% | 0.17% | −0.07 |
| ZIM Zim Integrated Shipping Serv | Reduce -26.7% | 0.29% | −0.07 |
| GGB Gerdau SA -Spon ADR | Reduce -5.8% | 0.30% | −0.07 |
| EFA iShares MSCI Eafe ETF | Reduce -54.5% | 0.04% | −0.06 |
| FINV Finvolution Group-ADR | Reduce -13.1% | 0.14% | −0.06 |
| PFE Pfizer Inc. | Reduce -8.5% | 0.66% | −0.06 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -5.5% | 0.14% | −0.05 |
| MMYT Makemytrip Ltd. | Reduce -5.3% | 0.03% | −0.05 |
| VWO Vanguard Ftse Emerging Marke | Reduce -87.7% | 0.01% | −0.04 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -0.0% | 0.50% | −0.04 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.6% | 2.11% | −0.03 |
| URTH iShares MSCI World ETF | Sold out | 0.00% | −0.03 |
| EZA iShares MSCI South Africa Et | Sold out | 0.00% | −0.02 |
| GRTUF Granite Real Estate Investme | Sold out | 0.00% | −0.02 |
| GSK GSK PLC-Spon ADR | Reduce -67.2% | 0.01% | −0.02 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −0.01 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -57.3% | 0.01% | −0.01 |
| WIT Wipro Ltd.-ADR | Reduce -6.4% | 0.01% | −0.01 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2025 → Q1 2026
| AZN Astrazeneca PLC | Add +1368.3% | 17.66% | +16.38 |
| DB Deutsche Bank AG-Registered | Add +75.9% | 8.88% | +1.29 |
| DTE DTE Energy Company | New | 0.58% | +0.58 |
| AU Anglogold Ashanti PLC | Add +107.0% | 1.06% | +0.54 |
| TXN Texas Instruments Inc. | New | 0.49% | +0.49 |
| TAL Tal Education Group- ADR | New | 0.49% | +0.49 |
| JLL Jones Lang Lasalle Inc. | Add +213.3% | 0.70% | +0.42 |
| BAH Booz Allen Hamilton Holdings | Add +116.3% | 0.82% | +0.36 |
| PBR.A Petroleo Brasil-SP Pref ADR | New | 0.34% | +0.34 |
| BA The Boeing Co. | Add +106.6% | 0.77% | +0.31 |
| RELX Relx PLC - Spon ADR | Add +93.9% | 0.94% | +0.28 |
| UNH Unitedhealth Group Inc. | New | 0.24% | +0.24 |
| VEA Vanguard Ftse Developed ETF | Add +74.8% | 0.58% | +0.22 |
| VIST Vista Energy Sab DE CV | New | 0.20% | +0.20 |
| NWG Natwest Group PLC -Spon ADR | Add +88.3% | 0.55% | +0.16 |
| ALK Alaska Air Group Inc. | Add +74.4% | 1.13% | +0.14 |
| SAP Sap SE-Sponsored ADR | Add +81.9% | 0.96% | +0.12 |
| CIB Grupo Cibest SA-ADR | New | 0.12% | +0.12 |
| ING ING Groep N.V.-Sponsored ADR | Add +56.6% | 0.49% | +0.11 |
| CARR Carrier Global Corp. | Add +13.7% | 1.45% | +0.11 |
| LYV Live Nation Entertainment Inc. | Add +17.7% | 0.99% | +0.11 |
| SNN Smith & Nephew PLC -Spon ADR | Add +57.9% | 0.37% | +0.10 |
| BAP Credicorp Ltd. | Add +1.3% | 1.02% | +0.06 |
| VSS Vanguard Ftse All Wo X-US SC | Add +42.0% | 0.19% | +0.04 |
| WHR Whirlpool Corp. | Add +57.9% | 0.80% | +0.04 |
| FSM Fortuna Mining Corp. | Add +44.9% | 0.15% | +0.04 |
| DEO Diageo PLC-Sponsored ADR | Add +37.3% | 0.61% | +0.03 |
| KSA Ishrs MSCI Saudi Arabia ETF | New | 0.03% | +0.03 |
| META Meta Platforms Inc. Class A | Add +31.2% | 1.02% | +0.01 |
| PHG Koninklijke Philips NVR- NY | Add +11.7% | 0.83% | +0.01 |
| SCZ iShares MSCI Eafe Small-Cap | New | 0.01% | +0.01 |
| HAFN Hafnia Ltd. | New | 0.01% | +0.01 |
| ACWI iShares MSCI Acwi ETF | Add +41.0% | 0.03% | +0.00 |
| BWLP BW LPG Ltd. | New | 0.00% | +0.00 |
| ALL Allstate Corp. | New | 0.00% | +0.00 |
| RNR Renaissancere Holdings Ltd. | Add +39.6% | 0.00% | +0.00 |
| AAPL Apple Inc. | Add +2.8% | 0.00% | −0.00 |
| AVGO Broadcom Inc. | Add +1.9% | 0.00% | −0.00 |
| ZBH Zimmer Biomet Holdings Inc. | Add +10.9% | 0.90% | −0.00 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +7.6% | 0.31% | −0.01 |
| BXP BXP Inc. | Add +40.0% | 0.24% | −0.01 |
| BTI British American Tob-SP ADR | Add +3.7% | 0.36% | −0.02 |
| INDA iShares MSCI India ETF | Add +18.9% | 0.26% | −0.02 |
| IR Ingersoll-Rand Inc. | Add +4.9% | 0.62% | −0.03 |
| CFG Citizens Financial Group | Add +3.4% | 0.77% | −0.04 |
| AXS Axis Capital Holdings Ltd. | Add +13.1% | 1.02% | −0.05 |
| GFI Gold Fields Ltd.-Spons ADR | Add +0.8% | 0.91% | −0.06 |
| SNY Sanofi-ADR | Add +0.1% | 0.63% | −0.08 |
| SMIN iShares MSCI India Small-Cap | Add +2.8% | 0.35% | −0.09 |
| EG Everest Group Ltd. | Add +4.8% | 1.00% | −0.11 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 122 | $9.2B | AZN, CCL, DB, SW, CP |
| Q1 2026 | 107 | $8.1B | AZN, CCL, DB, CP, SW |
| Q4 2025 | 108 | $7.3B | CCL, CP, SW, DB, B |
| Q3 2025 | 105 | $7.6B | CP, CCL, DB, B, EFA |
| Q2 2025 | 99 | $6.3B | CP, CCL, DB, B, SW |
| Q1 2025 | 90 | $4.8B | CP, CCL, B, BABA, SW |
| Q4 2024 | 107 | $4.4B | CP, CHKP, B, SW, GOOG |
| Q3 2024 | 97 | $4.1B | CP, CHKP, SW, BBD, EFA |
| Q2 2024 | 90 | $3.7B | CP, RYAAY, BBD, PDD, DIS |
| Q1 2024 | 89 | $3.8B | CP, RYAAY, BBD, GOOG, DIS |